Michael Jackson died heavily in debt
Michael Jackson passed away in 2009 at the age of 50. During his career, the "King of Pop" made sales in the millions. However, according to new court documents, at the time of his death, Jackson had approximately half a billion dollars in debts.
This week marks the 15th anniversary of Michael Jackson's (1958-2009) death. The King of Pop passed away on June 25, 2009, at the age of 50, due to a cardiac arrest caused by an overdose of Propofol. It has now been revealed that at the time of his death, Jackson was heavily in debt. As reported by "NBC News," Michael Jackson had over 500 million US dollars in debts when he passed away. This information comes from new court documents that Jackson's estate executors filed at the Los Angeles County Superior Court and which "NBC News" has obtained.
"At the time of Michael Jackson's death, his most significant asset was encumbered with debts and creditor claims in excess of 500 million dollars, some of which bore extremely high interest rates and some of which were in default," the petition states, which requests funds from Jackson's estate to cover the attorneys' fees and other expenses for the estate executors in 2018, totaling approximately 3.5 million dollars, according to the "New York Times."
Before his death, Michael Jackson was preparing for his concert series titled "This Is It," which was scheduled to take place from July 13, 2009, to March 6, 2010, at 50 shows in the London O2 Arena. The musician died 18 days before the shows were set to begin, leading, according to "NBC News," to his estate being burdened with 40 million dollars in debts owed to the tour promoter A.E.G.
Jackson, who had sold over 400 million record albums during his career, passed away in 2009 at his home in Los Angeles due to acute Propofol poisoning. His former doctor, Dr. Conrad Murray, was found guilty of involuntary manslaughter in 2011 for administering the medication.
Despite his massive success in the entertainment industry, earning millions in sales and being known as the "King of Pop", Michael Jackson's private debts amounted to over half a billion dollars at the time of his death in 2009. His estate, burdened with debts, included a significant sum owed to the tour promoter A.E.G. for his planned concert series, "This Is It".
